Dexters has flexed its new financial muscle and bought famous London estate agency Roy Brooks for an undisclosed sum.
The acquisition follows Dexters partnerships with City investment fund Oakley Capital, which has co-invested an initial £13 million to spend on expanding its network.
Roy Brooks, named after its late founder, has a reputation far larger than its two-branch estate agency network covering South East London.
Established during the 1950s, it became infamous for Roy Brooks’ aggressively honest property descriptions.
And its presence in the more boho areas of the Capital means it has had several celebrity clients including Hardy Amies, Nigel Lawson, Jenny Agutter, Terry Jones and Anthony Gormley.
Its branches cover Peckham, East Dulwich, Camberwell, Brockley, Nunhead and Telegraph Hill.
Andy Shepherd, CEO of Dexters (main pic), says: “We have long been an admirer of this iconic business and it’s talented staff, who we very much look forward to working with.
“We are committed to helping to grow Roy Brooks and have an initial three year plan to work closely in strengthening and expanding the business. We have the resources to free up the local offices so they can focus fully on their clients and their property.”
Dexters says it intends to expand further into East and South East London in the coming months both with new branches and acquisitions.
Roy Brooks has 10 employees and its most recent accounts show it has £1.9 million cash in the bank. Its main shareholder is 65-year-old James Edmonds (pictured, left), who also owns an estates management company based in Horsham.
Read more about the Oakley Capital deal.